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Retail sales in Germany fell to the lowest in 28 years


August, 01 2022
watermark Economic news

According to the German federal statistical office Destatis, sales in the retail sector decreased by almost 9% compared to last year, which is the worst indicator in 28 years.


In particular, retail sales fell by 8.8%, which was the biggest decline since 1994.


Analysts note that this behavior of buyers is primarily due to rising prices – high inflation (7.6%) has a significant negative impact on consumer sentiment. According to the statistical bureau, the demand for products decreased by 7.2% compared to last year's data, the demand for clothing and shoes – by 5.4%. Online sales also decreased by 15.1% y/y.


On a monthly basis, retail sales in Germany fell by 1.6% compared to the previous month. Analysts at the same time expected an increase of 0.2%.


Food sales in June decreased by 1.6%, non-food products – by 3.3%. Online sales and orders of goods by mail decreased by 3.8%.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.